"The real estate market and lending conditions continue todeteriorate causing land sales to slow significantly," he says."Liquidity in all aspects of the real estate industry is extremelylimited and within recent weeks the worldwide credit crisis hasbegun to negatively affect our potential multi-family land buyers.Like many others, we are working to restructure our debt and havebegun those discussions with our lenders."

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Focus Property Group is a vertically integrated real estateinvestment company and developer of master planned communitiesbased in Las Vegas. The company's current projects total more than14,500 acres in Las Vegas and throughout the Southwest, and thecompany's portfolio includes approximately 30,000 residential lotsalong with commercial and mixed use property. Ritter was notimmediately available Monday afternoon to provide additional detailon the company's debt load or its assets.

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"Those companies that face the market realities head on will bethe ones that survive and that is what Focus is doing," says DarrinBadger, Focus partner and acquisitions director. "We firmly believein the long term viability and strength of the Las Vegas market. Webelieve in our projects and are committed to them."

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One of the company's ongoing projects is Inspirada, a nearly2,000-acre master-planned community in southwest corner of the LasVegas Valley, adjacent to Del Webb's Anthem residentialdevelopment. Focus bought the site in a June 2004 federal auctionfor $557 million in conjunction with several homebuilders. Thispast July, Focus Property Group and the City of Henderson inked adevelopment agreement for the 300-acre urban core of Inspirada,which is to be surrounded by 1,700 acres of walking trails, bicyclepaths and single-family homes.

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At that time, Ritter told GlobeSt.com that Inspirada Town Centerwould include up to 5,000 housing units and between 300,000 sf and700,000 sf of retail, not including the retail that will be part ofthe casino-resort that will anchor a walkable town center with acentral park. The bulk of the residential is designed to be housedin two 200-feet towers and the remainder in several four-andfive-story buildings that will house the retail on their groundfloors. Other buildings will have office space above street-levelretail. Buildings for civic and municipal uses are alsoplanned.

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"It's moving forward pretty aggressively," Ritter said. "Theinfrastructure and roads, including a road that connects toInterstate 15, are under construction and will be finished in 24months, and we are already negotiating deals for three of themid-rise multifamily sites and one of the outlying, daily-useretail sites."

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The relatively early retail development is made possible becauseof Del Webb's adjacent Anthem residential community, which Rittersaid has a direct connection to Inspirada and is "reallyunderserved" by retail. Ritter anticipated the first retail wouldbe up and running within 36 months, as would the first of the towncenter's residential developments, for which a park and communitycenter already has been constructed.

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